Section 85 of the same Code is hereby amended to read as follows: "SEC. 85. Use of Bonds.
Section 21
SEC. 21. Section 85 of the same Code is hereby amended to read as follows: "SEC. 85. Use of Bonds.—The bonds issued by the Land Bank may be used by the holder thereof and shall be accepted in the amount of their face value as any of the following: "(1) Payment for agricultural lands or other real properties purchased from the Government; "(2) Payment for the purchase of shares of stock of all or substantially all of the assets of the following Government owned or controlled corporations: The National Development Company; Philippine National Bank; Philippine National Railways; Cebu Portland Cement Company; National Shipyards and Steel Corporations; Manila Gas Corporation; and the Manila Hotel Company, "Upon offer by the bondholder, the corporation owned or controlled by the Government shall, through its Board of Directors, negotiate with such bondholder with respect to the price and other terms and conditions of the sale. In case there are various bondholders making the offer, the one willing to purchase under terms and conditions most favorable to the corporations shall be preferred. If no price is acceptable to the corporation, the same shall be determined by the Committee of Appraisers composed of three members, one to be appointed by the corporation, another by the bondholder making the highest or only offer, and the third by the two members, so chosen. The expense of appraisal shall be borne equally by the corporation and the successful purchaser. "Should the Government offer for sale to the public any or all of the shares of stock or the assets of any of the Government owned or controlled corporation enumerated herein, the bidder who offers to pay in bonds of the Land Sank shall be preferred provided that the various bids be equal in every respect except in the medium of payment. "(3) Surety, bail bonds for the provisional release of accused persons or performance bonds in all cases where the government may require or accept real property as bonds; "(4) Payment for reparations goods, the provisions of Republic Act Numbered Seventeen hundred and eight-nine, as amended, to the contrary notwithstanding; " (5) Security for loans applied with the Philippine National Bank, Development Bank of the Philippines, Government Service Insurance System, Social Security System, and other government financial institution, existing charters of these institutions to the contrary notwithstanding; and "(6) Legal reserves against deposit liabilities of banks, subject to the terms and conditions which the Central Bank of the Philippines may impose pursuant to the General Banking Act."